BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Winklevoss Twins Lay-Off 10% of Gemini’s Workforce

Alexa by Alexa
June 3, 2022
in Business
Reading Time: 2 mins read
A A
Winklevoss Twins Lay-Off 10% of Gemini’s Workforce
1
SHARES
16
VIEWS
Share on TwitterShare on Reddit

The Winklevoss twins are not optimistic about the future of crypto. The duo, founders of crypto exchange, Gemini, announced that they will be laying off 10% of their employees due to “turbulent market conditions that are likely to persist for some time.”

You might also like

Telegram Enables USDT Stablecoin Payments on the Tron Network

Unstoppable Domains Set to Roll Out Web3 Messaging Service on Ethereum

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

The twins have promised severance packages and healthcare benefits for the released employees, and plan to close all of their physical offices, writing, “so that these conversations will be held remotely to protect the privacy of each impacted individual. Our highest priority throughout will be to treat everyone affected with compassion and respect.”

The move comes from a very turbulent market. Other companies have also been initiating lay-offs to manage overhead costs and to yield to a potential bear market.

Even major companies like Coinbase have announced their own plans to slow down hiring, and Bitso, a Latin American cryptocurrency exchange had to let go of 80 employees recently. 

Amongst crypto companies, exchanges will be hit the hardest by a market slow-down as retail investor trading volume dies down. On the other hand, a Fidelity executive said earlier this week that they actually plan to double their headcount this year to account for the growing demand from institutional investors. Meanwhile, FTX, the second-largest crypto exchange, is giving the impression of playing offense, as it expands into equities trading to diversify its business amid risk in the crypto market and eyes the acquisition of an Indian gaming startup. FTX was last valued at $32 billion in January. 

Gemini’s co-founders are a bit more positive in the face of volatility, stating that they believe there’s a somewhat expected volatility in what they call the “crypto revolution.”

“Its path can best be described as punctuated equilibrium — periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before,” the co-founders said in the post. They continue to say that crypto has entered a temporary downturn, otherwise known as the contraction phase, further “compounded by the current macroeconomic and geopolitical turmoil.”

The company did take advantage of the venture capital boom, last year raising $400 million in a growth equity round led by $7.1 billion. In January, the startup acquired Blockrize for an undisclosed amount and teased plans to launch a credit card with bitcoin rewards. It’s unclear if layoffs impact the Blockrize team, and if so, how it impacts Gemini’s product roadmap.

Tags: BusinessCrypto WinterGeminiWinklevoss Twins
TweetShareShare

Recommended For You

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more

Unstoppable Domains Set to Roll Out Web3 Messaging Service on Ethereum

by BlockNews Team
March 24, 2023
0
Unstoppable Domains

Unstoppable Domains is launching Unstoppable Messaging, a platform for sending encrypted messages from Polygon-based domains.  The messaging service aims to help Web3 projects build their communities and foster...

Read more

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

by BlockNews Team
March 24, 2023
0
space ID logo

More than 8.4 million BNB tokens were for up for the Space ID token sale Space ID earned $2.85 billion within 48 hours Final allocation will be based...

Read more

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more
Next Post
Vitalik Supports a Non-Token Governance for Optimism Project

Vitalik Supports a Non-Token Governance for Optimism Project

Related News

Bitvo

Canadian Exchange, Bitvo, Has Terminated Its Acquisition Agreement Deal With FTX

November 19, 2022
MINTNFT

MINTNFT Announces Industry-First NFT-Based Membership Program for Balmain During Paris Fashion Week

October 4, 2022
Utility-Security

Utility Token versus Security Token Debate Hits the Courts

September 4, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?